ASIC Australian Forex Brokers accepting UnionPay

As the only commonly used payment card in Mainland China, many Australian ASIC-regulated forex brokers have chosen to accept UnionPay in an effort to attract more Chinese traders to trade with them. By accepting deposits made with UnionPay, trading with an Australia-based forex broker becomes a convenient option for any Chinese trader.

UnionPay works in pretty much the same way as internationally recognized cards like Visa and MasterCard, but are made to be fully compliant with all Chinese regulations. The company behind the payment card is based out of Shanghai, and is overseen by the Chinese central bank, known as the People’s Bank of China (PBoC).

Risk Warning: Forex trading imposes a high level of risks and is not suited for all traders and investors.
As much as trading on foreign exchange markets may be potentialy profitable, it can also lead to significant losses.
Ensure that you have enough trading experience, knowledge and full comprehension of potential risks involved.
Most derivative contracts have high leverage and low margin requirements.
Hence, rapid price movements may inflict serious financial damage or even devastate your entire trading account.